Willis Towers Watson to acquire Integra Capital Limited

Acquisition will strengthen the company’s Canadian Delegated Investment Solutions

November 2, 2018

TORONTO, November 2, 2018 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced today that it has entered into a definitive agreement to acquire Integra Capital Limited (Integra Capital), a Canadian investment management company. The two companies have had a strategic alliance the last three years, with Integra Capital Limited providing portfolio management, dealer and back office services for Willis Towers Watson’s Canadian Delegated Investment Solutions business. They jointly serve 20 Canadian clients with CAD 6.3 billion in assets under management. Upon completion of the transaction, Integra Capital Limited will become a wholly owned subsidiary of Willis Towers Watson and act as a registered company with responsibility for Willis Towers Watson’s Canadian Delegated Investment business.

“We’re very excited to acquire Integra, especially given our successful partnership with them over the past three years. Integra has significant experience in the Canadian investment management industry and has excellent fund operational and administrative capabilities,” said Kemp Ross, global head of Delegated Investment Solutions, Willis Towers Watson. “As the Canadian investments market moves toward outsourced chief investment officer solutions, similar to the U.S. and the U.K. markets, we believe having a more competitive Canadian business — in a market that is expected to grow — will reinforce our aim to expand our Canadian offering from pension advisory into delegated services.”

Graham Rennie, Integra Capital’s CEO, will lead this business and report to Ross. “We’re really pleased about formalizing our three-year Delegated Investment Solutions partnership with Willis Towers Watson, as it will enhance our position as a leading investment company in Canada,” said Rennie. “Upon completion of the transaction, Integra Capital will retain its responsibilities as the investment fund manager of the Integra Group of Funds. It will also provide our current and future clients with many benefits, including access to industry-leading global manager research and alternative investment capabilities.”

The acquisition, once complete, will provide Willis Towers Watson’s Canadian Delegated Investment business with its own securities registration and the provision of a more complete outsourced chief investment officer offering. The transaction is subject to customary conditions for closing, including regulatory approvals or notice of non-objection from the Canadian securities regulatory authorities. It is expected to close in early 2019.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.